Wedbush Downgrades Shopify to Neutral, Raises Price Target to $68
Portfolio Pulse from Benzinga Newsdesk
Wedbush analyst Ygal Arounian has downgraded Shopify (NYSE:SHOP) from Outperform to Neutral while increasing the price target from $66 to $68. This reflects a more cautious stance on the company's stock while acknowledging some potential for growth.
December 06, 2023 | 3:30 pm
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NEUTRAL IMPACT
Shopify was downgraded by Wedbush from Outperform to Neutral, but the price target was raised from $66 to $68, indicating a nuanced view on the stock's future performance.
The downgrade to Neutral suggests that Wedbush sees limited upside potential or increased risk in Shopify's stock, which could lead to short-term price stagnation or volatility. However, the increase in the price target implies a belief in some underlying value or growth potential that may not be immediately reflected in the stock price. The mixed nature of this update may result in a neutral short-term impact on the stock as investors digest the implications.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100